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Hello,
I am trying to record the journal entries for taking a loan
and refinancing it into two new loans. How would I show the
closing loan and the opening of two new loans?
Thank you for your help!
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Answer Posted / iyyanar
For taken loan from bank
1)Loan A/c Dr.
To Bank A/c
For Setteling the old loan
2)Bank A/c Dr.
To Loan A/C
For taking new loan
New Loan A/c
To Bank A/c
| Is This Answer Correct ? | 4 Yes | 13 No |
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